Global energy demand across all sectors is projected to experience a substantial 23% increase by 2045, as stated by Haitham Al Ghais, Secretary General of OPEC, during a recent oil and gas conference in Nigeria.
To prevent a significant surge in prices, representatives from OPEC and oil industry executives have consistently emphasized the importance of maintaining investments in oil.
While recognizing the necessity of addressing ongoing fossil fuel emissions, Al Ghais dismissed the notion of limiting or halting funding for new oil projects, deeming such propositions unrealistic and unwise.
According to Al Ghais, “The period leading up to 2045 will witness a notable 23% surge in global primary energy demand, necessitating a diverse range of energy sources.”
“To meet these requirements, we must embrace innovative solutions like carbon capture utilization and storage, as well as hydrogen projects. Additionally, the concept of a circular carbon economy, which has garnered support from the G20, holds promise.”
Al Ghais highlighted the colossal investment needed in the global oil industry, estimating a requirement of $12.1 trillion during the same period. However, he cautioned that the industry is currently falling short of achieving this level of investment.
Sources within OPEC have hinted at the organization maintaining an optimistic outlook on oil demand growth for the upcoming year, with their first outlook report slated for release later this month.
While a slowdown from this year is expected, the projected increase remains above average, albeit lower than the exceptional growth of 2.35 million barrels per day, or 2.4%, witnessed during the world’s recovery from the COVID-19 pandemic.
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